Neha Kant and Pankaj Vermani created Clovia with Purple Panda Fashion Ltd. as the parent company in 2012. The couple aimed to create a brand that caters to all. They ventured into the business with the idea of building a clothing company and expanded it into a multi-billion dollar business that is now the top name in inexpensive lingerie and gives a tough competition to other leading market players like Zivame.
Clovia started with a limited funding at the time, and set out to offer high-quality goods at the most affordable prices and catering to all lingerie needs and soon emerged as a leading player in India’s domestic market.
Since Zivame, an online lingerie retailer, was its main rival, Clovia made the decision to provide high-end intimate apparel for women at prices that were almost cut in half and offering the customers massive discounts. On lingerie marketplaces, Clovia currently provides the best prices, quickly depleting its profit margins.
Both Neha Kant and Pankaj Vermani succeeded in gathering more than Rs 185 crore in finance throughout the decade preceding Clovia’s breakthrough. In 2020, Clovia lingerie was estimated to be worth approximately USD 41 million, or over Rs 340 crore as DNA reports.
Business tycoon, Mukesh Ambani, and his daughter Isha Ambani took notice of the Noida couple’s success and took interest in the brand. Reliance Retail, which is run by Isha Ambani, had a strong interest in Clovia Lingerie and sought to expand it.
The parent firm of Clovia, Purple Panda Fashion, reportedly ended up selling 89% of its stock to Isha Ambani’s Reliance Retail. Reliance Retail acquired Clovia in a deal worth a staggering Rs 950 crore, joining Mukesh Ambani’s Reliance family in the process.
